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United Kingdom Insolvency Law
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While Bankruptcy in the United Kingdom, UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. "Insolvency" means being unable to pay debts. Since the Cork Report of 1982, the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure. If a company cannot be saved it is "liquidated", so that the assets are sold off to repay creditors according to their priority. The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986 (replaced in England and Wales from 6 April 2017 by the Insolvency Rules (England and Wales) 2016 – see below), the Company Directors Disqualifica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Storm Clouds Over London
A storm is any disturbed state of the natural environment or the atmosphere of an Astronomy, astronomical body. It may be marked by significant disruptions to normal conditions such as strong wind, tornadoes, hail, thunder and lightning (a thunderstorm), heavy Precipitation (meteorology), precipitation (snowstorm, rainstorm), heavy freezing rain (ice storm), strong winds (tropical cyclone, windstorm), wind transporting some Chemical substance, substance through the Earth's atmosphere, atmosphere such as in a dust storm, among other forms of severe weather. Storms have the potential to harm lives and property via storm surge, heavy rain or snow causing flooding or road impassibility, lightning, wildfires, and vertical and horizontal wind shear. Systems with significant rainfall and duration help alleviate drought in places they move through. Heavy snowfall can allow special recreational activities to take place which would not be possible otherwise, such as skiing and snowmobilin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the ''collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are grant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venice
Venice ( ; it, Venezia ; vec, Venesia or ) is a city in northeastern Italy and the capital of the Veneto Regions of Italy, region. It is built on a group of 118 small islands that are separated by canals and linked by over 400 bridges. The islands are in the shallow Venetian Lagoon, an enclosed bay lying between the mouths of the Po River, Po and the Piave River, Piave rivers (more exactly between the Brenta (river), Brenta and the Sile (river), Sile). In 2020, around 258,685 people resided in greater Venice or the ''Comune di Venezia'', of whom around 55,000 live in the historical island city of Venice (''centro storico'') and the rest on the mainland (''terraferma''). Together with the cities of Padua, Italy, Padua and Treviso, Italy, Treviso, Venice is included in the Padua-Treviso-Venice Metropolitan Area (PATREVE), which is considered a statistical metropolitan area, with a total population of 2.6 million. The name is derived from the ancient Adri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Of Flesh
Shylock is a fictional character in William Shakespeare's play ''The Merchant of Venice'' (c. 1600). A Venetian Jewish moneylender, Shylock is the play's principal antagonist. His defeat and conversion to Christianity form the climax of the story. Shylock's characterisation is composed of stereotypes, for instance greediness and vengefulness, although there were no practising Jews who lived in England during Shakespearean England. Jews were expelled from the country in 1290 by Edward I in the Edict of Expulsion; this was not reversed until the Cromwell Era. Name Shylock is not a Jewish name. However, some scholars believe it probably derives from the biblical name Shalah, which is (''Šélaḥ'') in Hebrew. Shalah is the grandson of Shem and the father of Eber, biblical progenitor of Hebrew peoples. All the names of Jewish characters in the play derive from minor figures listed in genealogies in the Book of Genesis. It is possible that Shakespeare originally intended th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Slave
Slavery and enslavement are both the state and the condition of being a slave—someone forbidden to quit one's service for an enslaver, and who is treated by the enslaver as property. Slavery typically involves slaves being made to perform some form of work while also having their location or residence dictated by the enslaver. Many historical cases of enslavement occurred as a result of breaking the law, becoming indebted, or suffering a military defeat; other forms of slavery were instituted along demographic lines such as Racism, race. Slaves may be kept in bondage for life or for a fixed period of time, after which they would be Manumission, granted freedom. Although slavery is usually involuntary and involves coercion, there are also cases where people voluntary slavery, voluntarily enter into slavery to pay a debt or earn money due to poverty. In the course of human history, slavery was a typical feature of civilization, and was legal in most societies, but it is no ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shylock
Shylock is a fictional character in William Shakespeare's play ''The Merchant of Venice'' (c. 1600). A Venetian Jewish moneylender, Shylock is the play's principal antagonist. His defeat and conversion to Christianity form the climax of the story. Shylock's characterisation is composed of stereotypes, for instance greediness and vengefulness, although there were no practising Jews who lived in England during Shakespearean England. Jews were expelled from the country in 1290 by Edward I in the Edict of Expulsion; this was not reversed until the Cromwell Era. Name Shylock is not a Jewish name. However, some scholars believe it probably derives from the biblical name Shalah, which is (''Šélaḥ'') in Hebrew. Shalah is the grandson of Shem and the father of Eber, biblical progenitor of Hebrew peoples. All the names of Jewish characters in the play derive from minor figures listed in genealogies in the Book of Genesis. It is possible that Shakespeare originally intended t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Doge Of Venice
The Doge of Venice ( ; vec, Doxe de Venexia ; it, Doge di Venezia ; all derived from Latin ', "military leader"), sometimes translated as Duke (compare the Italian '), was the chief magistrate and leader of the Republic of Venice between 726 and 1797. Doges of Venice were elected for life by the Venetian nobility. The ''doge'' was neither a duke in the modern sense, nor the equivalent of a nobility, hereditary duke. The title "doge" was the title of the senior-most elected official of Republic of Venice, Venice and Republic of Genoa, Genoa; both cities were republics and elected doges. A doge was referred to variously by the titles "My Lord the Doge" ('), "Most Serene Prince" ('), and "Serene Highness, His Serenity" ('). History of the title Byzantine era The office of doge goes back to 697. The first historical Venetian doge, Orso Ipato, Ursus, led a revolt against the Byzantine Empire in 726, but was soon recognised as the () and (a honorific title derived from the Greek w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CDDA 1986
The Company Directors Disqualification Act 19861986 c. 46 forms part of UK company law and sets out the procedures for company directors to be disqualified in certain cases of misconduct. History Lord Millett, in the opinion he gave in , summarized the history of disqualification orders in British company law, noting that they were originally created under s. 75 of the '' Companies Act 1928'' (subsequently consolidated as s. 275 of the ''Companies Act 1929''), which was enacted on the recommendation of the ''Report of the Company Law Amendment Committee'' (1925-1926) under the chairmanship of Mr Wilfred Greene KC (Cmd 2657). It gave the official receiver, the liquidator or any creditor or contributary the ability to apply to the court having jurisdiction to wind up the company, for an order to disqualify a director from being concerned in the management of a company for a period up to five years. Such order was up to the discretion of the court. The scope of that provision was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wrongful Trading
Wrongful trading is a type of civil wrong found in UK insolvency law, under Section 214 Insolvency Act 1986. It was introduced to enable contributions to be obtained for the benefit of creditors from those responsible for mismanagement of the insolvent company. Under Australian insolvency law the equivalent concept is called " insolvent trading". The Insolvency Act 1986 The principle of wrongful trading was introduced in the Insolvency Act 1986, to complement the concept of fraudulent trading. Unlike fraudulent trading, wrongful trading needs no finding of 'intent to defraud' (which requires a heavy burden of proof). Wrongful trading is therefore a less serious, and more common offence than fraudulent trading. Under UK insolvency law, wrongful trading occurs when the directors of a company have continued to trade a company past the point when they: *"knew, or ought to have concluded that there was no reasonable prospect of avoiding insolvent liquidation"; and *they did not tak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Undervalue Transaction
An undervalue transaction is a transaction entered into by a company who subsequently goes into bankruptcy which the court orders be set aside, usually upon the application of a liquidator for the benefit of the debtor's creditors. This can occur where the transaction was seriously disadvantageous to the company and the company was insolvent or in immediate risk of becoming insolvent. Overview Under ordinary principles of contract law, the courts will not generally look into the adequacy of the consideration provided by either side. However, if a company is in real peril of going bankrupt, many legal systems provide for a mechanism which allows these transactions to be unwound, so as to prevent prejudice to the creditors of the company. Normally, for a transaction to be set aside as an undervalue transaction, the liquidator or equivalent must demonstrate that: #the consideration received by the company in the transaction, in money or money's worth is significantly less than the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trading While Insolvent
A number of legal systems make provision for companies trading while insolvent to be unlawful in certain circumstances, and provide for directors to become personally liable for a company's debts if they have acted improperly. In most legal systems, the liability in respect of unlawful transactions only extends for a certain period of time prior to the company going into liquidation. UK law Under UK insolvency law, trading once a company is legally insolvent can trigger several provisions of the Insolvency Act 1986, including: *Wrongful trading – Section 214 *Transaction at an undervalue – Section 238 *Preferences – Section 239 *Extortionate credit transactions – Section 244 A limited company becomes insolvent when it can no longer pay its bills when due, or its liabilities—including contingent liabilities such as redundancy payments—outweigh the company’s assets. This is a critical point in the lifespan of a company as it denotes when the direct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IA 1986
The Insolvency Act 1986c 45 is an Act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK. History The Insolvency Act 1986 followed the publication and most of the findings in the Cork Report, including the introduction of the Individual Voluntary Arrangement (IVA) and Company Voluntary Arrangement (CVA) procedures. Elements of the Act have been updated by the Enterprise Act 2002 which came into enforcement on 1 April 2004 and introduced amongst other things the popular "out-of-court" administration route.Lyndon Norley, Kirkland & Ellis International LLP and Joseph Swanson and Peter Marshall, Houlihan Lokey (2008). A Practitioner's Guide to Corporate Restructuring. City & Financial Publishing, 1st edition Those considering the main Act should also refer to the Insolvency Rules 1986 and numerous Regulations and other amending legislation since 1986, and also to the best practice which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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